In a bid to enthrone a tax system that would improve the overall wellbeing of its citizens and diversify the nation’s economy, the National Assembly, has set up a Technical Committee, comprising the Director General, Manufacturers Association of Nigeria, Lagos State, and the National Institute for Legislative and Democratic Studies (NILDS), with the mandate to critically look at Nigeria’s Tax policies, Legislative framework and administrative regulations, viz-a-viz the constitution.
Other partners include the Federal inland Revenue Service, Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA), the Budget Office of the Federation, the Commissioner of Finance.
In a statement by the Communications Adviser of NILS,Nwajei Kanayo C, this is with a view to address public concerns on the current tax system and the need to diversify the nation’s economy by widening the tax base.
He said a member of the Committee and the Senior Special Assistant to the Senate President, Kingsley Amaku disclosed this during a technical session of the Committee.
He noted that there will be a synergy between the National Assembly Technical Committee and the Presidential Initiative on the Ease of Doing Business, set up by the Executive arm of government.
“The National Assembly has passed several laws that have helped Nigeria to move up in the World-Bank Ease of Doing Business ranking.
“The Senate and House of Representatives have been driving the process of making doing business in Nigeria easier by reforming some of the extant laws that affect businesses in a way that inhibit investment in the country and make Nigeria un-competitive.
” What we are doing now is deepening the process by looking at the past tax reforms as a way of improving the competitiveness of Nigeria as an investment destination.”
He further disclosed that the Technical Committee is working assiduously to submit its report for legislative consideration and ensure that the citizens get the best out of this tax reform.
The Technical Committee is being chaired by the Director General, NILS, Prof Ladi Hamalai, MFR.
It would be recalled that the Senate President, Dr. Bukola Saraki had last year, set up a similar technical Committee that reviewed the Budget Process in Nigeria, and a Bill on the Budget Process has passed First Reading in both Chambers of the National Assembly.
In an another development, the African Capacity Building Foundation ACBF has met with Officials of the Ministry of Finance, the National Institute for Legislative and Democratic Studies (NILDS) and the West African Institute for Financial and Economic Management, WAIFEM to review the budget and implementation of project activities to Results Management Frameworks (RMF). This is in alignment with ACBF Grants for NILDS Capacity Building Project NILS-CAP Phase II.
It may be recalled that in July 2017, the ACBF signed 2 Grant agreements with NILS and WAIFEM to implement capacity building projects aimed at improving financial governance in Africa and West Africa in particular.
The ACBF team was led by Dr. Couffi Noumon, Special Advisor, Office of the Executive Secretary.